Revolut takes crown as highest-valued fintech in the UK
Following Revolut’s latest funding round, its valuation has tripled to £4.2bn (US$5.5bn) making it the highest-valued fintech company in the UK.
Revolut has more than tripled in its valuation following the fintech’s latest funding round, where it raised £387mn (US$500mn). This places the fintech company firmly in the lead of the race for challenger bank dominance in the UK.
The round was led by US fund Technology Crossover Ventures, with Airbnb, Netflix and Spotify accompanying. Before this fundraising round the challenger bank was worth £1.3bn (US$1.67bn) in Spring 2018. This new valuation places Revolut firmly ahead of Monzo wich remains valued at $2.5bn.
Revolut offers several digital banking services, including a prepaid debit card, currency exchange service, cryptocurrency exchange and peer-to-peer payments. Everything is controlled through the Revolut App – available for iOS and Android – which supports spending and ATM withdrawals in 120 currencies, as well as sending directly from the app in 29 currencies.
One of Revolut’s biggest strengths is its refusal to charge fees on the majority of its services.
Simplicity and user experience are also key drivers for the company’s innovations. For example, accounts can be set up in a few minutes, budgeting and account management services are designed to be intuitive and easy to navigate, and there are a host of security-related options built in too.
Did you know? As of last week, open banking is now live for all UK Revolut customers.
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Frictionless banking, the Salesforce way
Alan Donnelly has enjoyed a long and successful career in the IT and financial services industry. He has worked with banks, insurers, payments companies, fintechs and more in support of business transformation programmes for some of the biggest names in the business for the past 27 years.
Today, he’s head of financial services for Salesforce UK, the leading global, cloud-based CRM platform that integrates customers and companies. Donnelly is also currently leading the Salesforce operation that is digitally transforming the UK arm of the Madrid-based Santander Group.
“I have had the pleasure of working with many financia
l institutions over many years,” he says. “Typically, it was involved in helping customers build big banking systems and banking platforms that ran what we would call systems of record. But now, as I've moved into Salesforce and we're building our financial services business, we are really now helping our customers engage with their customers.”
The partnership withSantander is a multi channel operation that sees Salesforce helping the bank to engage better with corporate clients and retail customers via their branches and the internet, says Donnelly.
“We're also helping them with customers, who maybe wish to acquire mortgages and mortgages for the life events. I guess it's a multi connectivity environment. But in every case, Santander needs to understand the customer's requirements and better serve those customers in the right time and the right fashion,” Donnelly explains
He adds, “I also think the ability to contact customers whenever they need help and support, as we've seen in the recent pandemic, has proven critical - so I think technology is definitely much more connectable and effective than it was before.”